Online two-wheeler insurance renewal is a simple process. You only need to provide information about yourself, your two-wheeler, and prior insurance policy details. If you have a solid understanding of the fundamentals of a bike insurance policy, you can avoid making some common errors when renewing the policy online. The common mistakes you must avoid when renewing a two-wheeler insurance plan online are mentioned below.
- Not Using Your NCB Concession: If you have yet to file any claims during the previous policy period, you may have accrued NCB (No Claim Bonus). By renewing the policy within 90 days of the policy’s expiration, you can get the NCB concession. However, one of the frequent errors people make is renewing their insurance policies long after they have lapsed. *
- Not Opting For A Multi-Year Plan: Another one of the most frequent errors when renewing a bike insurance policy is choosing not to purchase a multi-year one. Yes, two- and three-year insurance plans are available, and you can save money by purchasing one.##
- Not Selecting The Maximum IDV: When renewing the Comprehensive Policy, your provider allows you to tailor the bike’s IDV (Insured Declared Value) to your needs. The IDV is the car’s estimated market value. Higher IDVs may result in higher premiums, but they offer the most coverage for the money.
- Not Evaluating Your Add-On Needs: A Comprehensive Policy includes numerous add-ons to increase the policy’s benefits. However, you frequently ignore them when renewing the policy, claiming that add-ons will raise the bike insurance premium. Add-ons might prove to be advantageous.
- Not Purchasing Personal Accident Cover: A Personal Accident (PA) Cover is required in India to adhere to rules and regulations. If the rider experiences accidental passing away or a disability (temporary or permanent), the PA Cover will pay Rs. 15 lakhs in benefits. Therefore, when renewing your bike insurance policy, pay attention to the PA Cover. If you own multiple vehicles, you only need one Personal Accident Cover.*
- Not Providing Information About Modifications: If you have modified your two-wheeler in any way, you must inform your insurance provider during the renewal process. To avoid problems with the claim, you must provide information about the modified parts. Your claim may be rejected, or the amount you receive could be reduced if you do not inform the service provider of any changes.*
- Filling Out Wrong Information: One of the most frequent errors you can easily avoid is providing the wrong information when you renew bike insurance. You must be cautious when giving information like the vehicle’s registration number, previous insurance information, or the year of purchase. The policy might not be valid if the information is false.
- Failure To Renew The Policy Before Expiration: Never let your bike insurance policy lapse, as this will render your two-wheeler uninsured. A mishap during that time frame would result in a sizable financial loss. Additionally, renew the policy within 90 days of expiration to avoid losing the NCB benefits. A bike insurance premium calculator is a convenient tool you can utilise online to check the coverage needed based on your requirements.*
* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
